Why Healthcare as a Business Is Really in Crisis

2 Mins read

Whether you operate a small local office as a GP, or are an administrator at a large community hospital, you already know that healthcare is in crisis. This topic alone could fill several volumes but for brevity’s sake, there are really only a couple of areas which could, and should, be identified to help alleviate many of the problems we now face within the industry. There is no way to move forward unless these problems are addressed sooner rather than later. Let’s take a quick look at these issues.

healthcare business

Shutterstock Licensed Photo – By janews

Skyrocketing Costs

Was it just a decade ago when the Affordable Care Act came under the scrutiny of voters and legislators alike? The former president promised the nation that healthcare would be made affordable to every person and the public was quick to respond in the affirmative. Too many people for too long a period of time couldn’t afford the rising cost of healthcare and with the unprecedented clause that pre-existing illnesses and conditions would no longer preclude them from coverage, everyone was quick to jump on the bandwagon.

It may have been at this point when insurance companies began withdrawing their support, one after the other. After all, they helped draft the bill in an effort to grow their respective companies, but soon discovered that they would be taking major losses. Unfortunately for them (and us!) that is, in fact, what happened. Major insurers began pulling out as those skyrocketing costs were causing them to sustain losses they hadn’t anticipated. It’s at this point we must admit that Obamacare failed, and needs to be turned around.

Shortage of Qualified Healthcare Professionals

When costs began causing insurance companies to rethink coverage, hospitals faced the same crisis. Many were no longer able to cover the cost of expanding their staff to a level necessary to provide services for their institutions, and thus began the shortage of staff from the top on down. Happily, healthcare is gaining ground and the path to financial recovery is set in motion so now healthcare administration jobs are becoming available again in greater numbers and it will be up to those professionals to keep the road to recovery open.

Boston College is one of the nation’s leading universities with a vision on how to undo much of the damage a failing economy caused within healthcare. They are training the next generation of administrators to be better equipped with making sound financial decisions for their respective institutions as well as helping administrators learn to liaise with public officials to gain access to the funding necessary within their communities.

Looking to the Future

Alongside education, the United States has been losing ground in healthcare in global rankings. While much of the problem revolves around financial woes, another huge area of concern is the lack of qualified administrators ready to carry their institutions through rough economic times. If you are interested in a career within healthcare, you may want to look at healthcare administration.

Yes, there is a shortage of doctors and nurses, but there is an even bigger lack of healthcare administrators with their sights on the future. Boston College sees thousands of new jobs opening up by the year and wouldn’t it be nice if you were in line to fill one of those positions? You may be a key player in the future of healthcare, and that’s something the nation is so in need of today – key players with a vision.

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About author
Ryan Kh is a big data and analytic expert, marketing digital products on Amazon's Envato. He is not just passionate about latest buzz and tech stuff but in fact he's totally into it. Follow Ryan’s daily posts on Catalyst For Business.
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